As an electrician in Ohio, having proper insurance coverage is crucial for protecting your business, meeting state requirements, and securing contracts. This comprehensive guide breaks down the essential insurance coverages Ohio electricians need, including costs based on our analysis of actual quotes from leading carriers.
Keep your business charged with our guide to electrical contractor business insurance.
General Liability Insurance for Ohio Electricians
Based on our analysis of over 1,200 electrician insurance quotes from leading carriers, here are the typical costs for Ohio electricians:
Average Annual Premiums and Potential Savings
Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
---|---|---|---|---|
$150K | $1,200 | 0.8% | $630 | 47.5% |
$500K | $3,220 | 0.6% | $2,390 | 25.8% |
$1M | $6,350 | 0.6% | $3,650 | 42.5% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Mix of residential and commercial electrical work
- Approximately 10% subcontractor costs
Common claims covered:
- Property damage from electrical work
- Bodily injury to third parties
- Completed operations coverage
- Products liability for installed components
Worker’s Compensation Insurance for Ohio Electricians
Worker’s compensation insurance is mandatory for Ohio electrical contractors with employees. Based on our analysis, Ohio electricians typically pay:
- Average premium per employee: $1,036 annually
- Premium per $100K payroll: $1,960
Key factors affecting premiums:
- Job classification codes (primarily 5190 for electrical work)
- Total annual payroll
- Claims history
- Safety programs and protocols
- Experience modifier rating (EMR)
Additional Business Insurance for Electricians in Ohio
1. Tools & Equipment Coverage (Inland Marine)
- Annual premiums: $200-$2,000
- Coverage limits: $5,000-$15,000+
- Protects electrical tools and testing equipment
- Coverage at job sites and during transit
2. Commercial Auto Insurance
- Cost: $1,500-$3,050 per vehicle annually
- Standard limits: $100K/$300K bodily injury, $100K property damage
- Required for work vehicles
- Higher limits recommended ($500K-$1M)
3. Electrician License Bonds
- Bond amounts: $5,000-$25,000
- Premium: 1-3% of bond amount
- Rates vary by credit score
- Required for licensing
4. Commercial Property Insurance
- Cost: $1,000-$5,000 annually
- Protects warehouses and offices
- Coverage for tools and inventory
- Protection against fire, theft, weather damage
5. Business Owner’s Policy (BOP)
- Bundles general liability and property coverage
- Often more cost-effective than separate policies
- Additional coverages available
- Suitable for established electrical businesses
Get Ohio Electrician Liability with ContractorNerd
ContractorNerd makes electrical contractor insurance simple and data-driven. Our platform offers:
- Instant online quotes from top-rated carriers
- Coverage comparisons tailored for electricians
- Expert guidance on Ohio-specific requirements
- Streamlined application process
- Ongoing policy management
- Claims advocacy when needed
Our team of electrical contractor insurance specialists helps you:
- Optimize coverage based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for maximum savings
- Ensure compliance with Ohio regulations
Contact ContractorNerd today for tailored quotes for your Ohio electrical business.